The thermoplastic elastomers market is expected to reach USD 38.94 billion by 2030 from USD 30.83 billion in 2025, at a CAGR of 4.8% during the forecast period. The research report provides a complete analysis of the thermoplastic elastomers market size, price, sales share, revenue and potential growth prospects. Additionally, an overview of recent major trends, technological advancements, and innovations within the market are also included.
The thermoplastic elastomers market is expanding rapidly globally, owing to rising demand in the automotive, consumer goods, medical, and construction industries. Thermoplastic elastomers are popular in the automobile sector due to their lightweight, recyclable, and long-lasting qualities, which help promote fuel efficiency and sustainability. Thermoplastic elastomers’ biocompatibility and subsequent sterilization capability have further enhanced their use in pharmaceutical packaging and medical device applications. Their flexibility and versatile design potential will drive demand in consumer electronics and footwear.
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Thermoplastic polyolefins to be the second fastest-growing segment in the market
Thermoplastic polyolefins (TPOs) are emerging as the second fastest-growing category of thermoplastic elastomers, mainly due to their excellent performance, low price, and recyclability. TPOs are commonly used in automotive applications such as dashboards, interior trims, and bumpers. They excel in protective applications because of their good impact resistance, UV stability, and low density. Increased TPO adoption can also be attributed to a growing desire for sustainable materials and the desire for more fuel-efficient vehicles. Besides automotive applications, TPOs are used in consumer goods, roofing membranes, and packaging as they are resistant to weather exposure and easy to process. TPOs are gaining acceptance globally, partly due to technological advancements and associated regulatory pressure for environmentally friendly materials.
Automotive holds the largest share in the thermoplastic elastomers market
The automotive industry was the largest share of the thermoplastic elastomers market in 2024, as it increasingly shifts toward using lighter, more durable, and recyclable materials. Thermoplastic elastomers find their way into various composite vehicle components, such as seals and gaskets, bumpers, trim, and parts located under the hood. With the growing production of electric and hybrid vehicles, the demand has increased for high-performance materials that provide efficiency and reduce vehicle weight. Increased regulation surrounding sustainability and fuel efficiency also pushes automotive manufacturers to use thermoplastic elastomers instead of other materials.
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Asia Pacific accounted for the largest share of the market.
The automotive, construction, and consumer goods industries’ strong demand for thermoplastic elastomers contributed to Asia Pacific’s dominant market share in 2024. Thermoplastic elastomers’ consumption has been significantly impacted by rapid industrialization, urbanization, and increased vehicle manufacturing in countries like China, India, and Japan. Additionally, several government policies and regulations emphasizing recyclable and sustainable materials are contributing to the growth of the thermoplastic elastomers market. For example, the “Made in China 2025” program and China’s increasing environmental standards encourage the adoption of advanced and sustainable materials like thermoplastic elastomers. The region will continue to be driven by ongoing infrastructure projects and rising consumer demand.
Thermoplastic Elastomers Companies
The report profiles key companies, including Arkema SA (France), Asahi Kasei Corporation (Japan), BASF SE (Germany), The Dow Chemical Company (US), Covestro AG (Germany), Huntsman Corporation (US), Exxon Mobil Corporation (US), Lubrizol Corporation (US), Mitsubishi Chemical Company (Japan), and DuPont de Nemours, Inc (US).
Arkema SA (France) is a global leader positioned in specialty chemicals and advanced materials, thereby manufacturing and selling products for consumer goods, paint & coatings, building & construction, automotive, transportation, electronics, and the energy sectors. It works through Advertisement Solutions, Advanced Materials, Coating Solutions, and Intermediates with advanced materials, providing innovative solutions such as thermoplastic elastomers. Arkema has made a name for itself in the manufacturing of high-performance materials catering to various industries in 55 countries across Europe, Asia Pacific, North America, South America, and the Middle East & Africa, with 148 production units. The company runs itself on sustainability and innovation, so that cutting-edge solutions are developed for many applications.
Asahi Kasei Corporation (Japan) is a global corporation that owns businesses that provide innovative solutions in three key sectors: materials, homes, and healthcare. The Materials category includes basic materials, performance products, electronics, and bespoke solutions. Asaflex, Tufpren, Asapren T, S.O.E., and Tuftec are some of the brands that offer thermoplastic elastomers, which are performance products. Asahi Kasei operates over 211 subsidiaries in 20 countries, giving it strong footholds in Europe, Asia Pacific, North America, South America, and the Middle East & Africa. The company usually acts with its focus on innovation and sustainability in areas of high-performance materials and solutions for industries such as automotive, electronics, and consumer goods.
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BASF SE (Germany) is a global leader in chemical production, offering a diverse portfolio across six key segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition and Care, and Agricultural Solutions. Under its performance materials section, Materials comprises isocyanates, polyamides, and thermoplastic elastomers; the Chemicals segment offers petrochemicals and intermediates. Surface Technologies concentrates on catalysts and coatings, while Industrial Solutions provides additives and ingredients for industrial uses. Agricultural Solutions offers fungicides, herbicides, and seeds; Nutrition and Care offers solutions for nutrition and personal care. Present in Europe, Asia Pacific, North America, South America, the Middle East & Africa, BASF promotes sustainability and creativity in many sectors.
Huntsman Corporation (US) is a global leader in specialty chemicals, delivering innovative products for industries including transportation, construction, energy, clothing, and footwear. Operating through three segments, Polyurethanes, Advanced Materials, and Performance Products. Through its Polyurethanes section, which features brands including IROGRAN, AVALON, KRYSTALGRAN, and IROSTIC, customized for automotive, building, and footwear uses, Huntsman offers high-performance solutions including thermoplastic elastomers. Huntsman encourages sustainability and innovation through its 60 manufacturing, research and development, and operational facilities spread across 30 countries in Europe, Asia Pacific, North America, South America, and the Middle East & Africa. Its diverse portfolio and global reach enable the company to provide cutting-edge chemical solutions that meet the shifting demands of various industries.
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